Gayner’s portfolio decreased from $5.30B to $5.26B
during the quarter.

Markel dropped Monsanto Company. Moody’s Corp
and Factset Research were both reduced by ~30% as well.

Berkshire Hathaway at ~12% of the portfolio is
by far the largest position.

Thomas Gayner’s Markel Investment Portfolio decreased
marginally from $5.30B to $5.26B during the quarter. The portfolio continues to
have around 100 different positions although only around 50 are significantly
large (more than 0.5% of the portfolio each). The top-five stakes are Berkshire
Hathaway (BRK.A) (BRK.B), CarMax Corporation (KMX), Brookfield Asset Management
(BAM), Marriott International (MAR), and Diageo plc (DEO).

Markel Corporation (MKL) is currently trading at around
1.7-times Book Value (BV) at $1147 per share - BV is around $670.